Pine Valley Investments Ltd Liability Co Sells 151,104 Shares of Precision Drilling Corporation $PDS

Key Points

• Pine Valley Investments cut its Precision Drilling stake by 49.9%, selling 151,104 shares in the first quarter and retaining 151,800 shares valued at approximately $14.9 million.
• Other institutional investors generally increased their positions, and institutional investors and hedge funds collectively own 48.86% of Precision Drilling.
• Precision Drilling shares opened at $77.87, below their 50-day and 200-day moving averages. Analysts maintain a “Moderate Buy” consensus with an average price target of $122.33, despite mixed ratings.

Pine Valley Investments Ltd Liability Co decreased its position in shares of Precision Drilling Corporation (NYSE:PDS - Free Report) TSE: PD by 49.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 151,800 shares of the oil and gas company's stock after selling 151,104 shares during the period. Pine Valley Investments Ltd Liability Co owned about 1.18% of Precision Drilling worth $14,937,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bank of America Corp DE increased its holdings in Precision Drilling by 129.5% during the 1st quarter. Bank of America Corp DE now owns 114,706 shares of the oil and gas company's stock valued at $11,287,000 after purchasing an additional 64,735 shares in the last quarter. Amundi grew its holdings in shares of Precision Drilling by 6.9% during the first quarter. Amundi now owns 3,095 shares of the oil and gas company's stock worth $305,000 after purchasing an additional 201 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of Precision Drilling by 540.1% during the first quarter. Lazard Asset Management LLC now owns 25,392 shares of the oil and gas company's stock worth $2,499,000 after purchasing an additional 21,425 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Precision Drilling by 24.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 373,936 shares of the oil and gas company's stock valued at $36,803,000 after buying an additional 73,084 shares in the last quarter. Finally, Group One Trading LLC bought a new position in shares of Precision Drilling in the first quarter valued at about $81,000. 48.86% of the stock is owned by institutional investors and hedge funds.

Precision Drilling Stock Performance

Shares of NYSE:PDS opened at $77.87 on Monday. The stock has a market capitalization of $1.00 billion, a P/E ratio of -37.26 and a beta of 0.78. Precision Drilling Corporation has a 1-year low of $52.53 and a 1-year high of $103.80. The company has a current ratio of 1.46, a quick ratio of 1.29 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $84.83 and a two-hundred day moving average price of $87.86.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of Precision Drilling from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Precision Drilling in a research note on Thursday, April 30th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Precision Drilling in a research report on Friday, May 1st. Wall Street Zen raised shares of Precision Drilling from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, TD Securities reissued a "hold" rating on shares of Precision Drilling in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Precision Drilling has an average rating of "Moderate Buy" and an average price target of $122.33.

Precision Drilling Profile

Precision Drilling Corporation NYSE: PDS is a Calgary, Alberta–based oilfield services company that has provided drilling solutions since its founding in 1951. With more than seven decades of industry experience, the company delivers contract drilling services, directional and horizontal drilling, well servicing, and a suite of specialized equipment designed to meet the evolving needs of exploration and production companies worldwide.

The company's core business activities include operating a fleet of onshore drilling rigs, offering managed pressure drilling, measurement-while-drilling (MWD) and logging-while-drilling (LWD) services, and providing completion and workover rigs.

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